The federal investigation into insider trading was built on wiretapping and other aggressive surveillance techniques.  It has expanded as well as embraced a more sweeping definition of the crime. And it was supposed to instill fear on Wall Street.  Yet, many financial professionals appear to be taking it all in stride, and not exhibiting fear as federal prosecutors had expected.  

• U.S. Attorney Preet Bharara:  "This case should serve as a wake-up call for Wall Street."

• Hedge Fund Mortage Specialist:  "It’s just the scandal du jour, I suppose.  I reckon we’re all a bit jaded.  So yeah, from my perspective, it’s a ‘jeez, here we go again,’ laugh kind of thing."

• Big Bank Senior Executive:  "I hope for the sake of regulators and law enforcement agencies that they actually have got something, because they’ve created a huge amount of smoke."  "And if the fire turns out to be small, it will be kind of embarrassing for them.  But right now, the results don’t seem to be breathtaking."   [Bloomberg, 12/1]